Vietnam is in the process of establishing its first formal legal and tax framework for cryptocurrency and digital assets.
Until recently, virtual currencies occupied a legal grey area in Vietnam as they were neither explicitly prohibited nor formally regulated, and no tax guidance existed specifically for crypto transactions.
That position is now changing materially: in February 2026, the Ministry of Finance published a draft circular seeking public feedback on proposed tax policies for transactions, transfers, and trading of crypto assets, signalling the government’s intention to bring digital assets within the formal tax system.
Under the draft framework, the primary tax instrument for individual investors is a personal income tax (PIT) rate of 0.1% applied to the gross revenue from each transfer of crypto assets, regardless of whether the investor is a resident or non-resident.
This approach mirrors the existing tax method applied to securities transactions in Vietnam, where a low flat rate on gross transaction value simplifies compliance and collection. The transfer and trading of crypto assets would not be subject to value-added tax under the draft.
The Ministry of Finance described the 0.1% individual PIT rate as appropriate for the initial pilot phase covering 2025 to 2030, balancing revenue collection against the need to encourage participation in the formal, licensed market.
Capital Gains Tax Rules
Vietnam does not currently have a functioning capital gains tax regime for cryptocurrency.
Under the draft circular published in February 2026, individual investors would not be taxed on net gains but on gross transfer revenue at the 0.1% PIT rate. This is a significant structural departure from the profit-based capital gains frameworks used in jurisdictions such as the UK and the US.
The practical effect is that an investor who sells cryptocurrency at a loss would still pay 0.1% on the sale proceeds, while an investor who sells at a substantial profit pays the same 0.1% rate.
How the proposed charge is calculated
Under the draft, PIT of 0.1% is calculated on the selling price of each crypto transfer, without deduction for acquisition cost. This is analogous to the securities transfer tax applied to stock transactions on the Ho Chi Minh Stock Exchange, where 0.1% is levied on the sale value regardless of profit or loss. The rate is applied transaction by transaction, at the point of each transfer, rather than on an annual aggregated basis. This makes the mechanics straightforward for exchanges operating as withholding agents.
For corporate entities, the 20% CIT on net gains (sale price minus purchase price minus transfer costs) operates more like a conventional profit-based tax, and aligns more closely with the income tax treatment in other jurisdictions.
Record keeping
Even under the proposed gross-revenue model, individuals should maintain records of their crypto transactions, including the date, asset transferred, and consideration received in Vietnamese Dong (VND). For corporate taxpayers, detailed records of acquisition cost, disposal proceeds, and transfer expenses are required to compute the CIT base correctly. Records should be retained in accordance with Vietnamese accounting and tax documentation requirements, generally for a minimum of five years.
Income Tax Rules
Vietnam imposes personal income tax on a range of income categories under the Law on Personal Income Tax.
Under current law, there is no explicit crypto income category, which has created legal uncertainty for individuals receiving crypto as payment for services, employment income in digital assets, or returns from crypto-related activities. The draft circular’s 0.1% rate on transfer revenue addresses the sale and transfer of crypto assets but does not directly address other forms of crypto income such as staking returns, airdrops, or employment compensation in crypto.
For organisations incorporated in Vietnam, the proposed 20% CIT on crypto transfer income would apply to net gains from the sale of crypto assets. The timing of revenue recognition and the determination of taxable income would follow the existing CIT and PIT regulations on securities transfers, adapted for crypto assets. Businesses generating income from crypto-related services would be subject to standard CIT on their net business profits from those services.
Vietnam’s Ministry of Finance noted in its consultation that the 0.1% approach achieves a balance between generating tax revenue, maintaining market competitiveness, and simplifying compliance for both taxpayers and the tax authority.
As the draft is finalised and enacted, further implementing guidance on income classification, withholding obligations, and reporting procedures is expected.
Mining and Staking Treatment
Mining
Vietnam has not issued specific tax guidance on cryptocurrency mining as of February 2026.
The draft circular addresses the transfer and trading of crypto assets but does not specifically address the mining of cryptocurrency. As the draft framework develops, the Ministry of Finance may issue supplementary guidance addressing mining specifically.
In the interim, miners should maintain comprehensive records of all mining receipts, including the date, token type, and approximate VND value of each reward, to be in a position to comply with whatever reporting framework is ultimately enacted.
Staking
Vietnam has not issued specific guidance on staking as of 2026.
The draft circular does not address staking, DeFi, or yield farming income. In the absence of specific guidance, staking rewards would most likely be treated as income in the general “other income” category under the PIT framework, taxable at the applicable rate on the VND value at the point of receipt.
As Vietnam develops its digital asset regulatory infrastructure, more specific guidance on staking and DeFi income is expected.
NFT Taxation
Vietnam has not issued specific tax guidance on NFTs as of 2026, and the draft circular published in February 2026 focuses on crypto asset transfers and trading rather than NFTs specifically.
NFTs would most likely be assessed under general tax principles as a form of digital asset or intangible property, with any gain on sale treated as income under the applicable PIT or CIT framework.
For individual investors, the proposed 0.1% PIT rate on transfer revenue may in principle extend to NFT transfers as a form of digital asset, though the draft circular does not explicitly address NFTs.
For commercial NFT creators, income from sales would constitute business income subject to CIT or individual business income tax rules, with applicable rates depending on the structure of the activity.
Under the draft, crypto asset transfers would not be subject to VAT. If this exemption extends to NFTs, commercial NFT sales by VAT-registered businesses would not attract the standard 10% Vietnamese VAT. However, as of 2026 the scope of the VAT exemption for digital assets has not been fully confirmed in the context of NFTs, and this area warrants monitoring as the regulatory framework develops.
Reporting Requirements
Under the existing Vietnamese tax framework, individuals and businesses are required to report income through the annual tax declaration process administered by the General Department of Taxation (GDT). Crypto income must be included in the relevant tax declaration, with amounts converted to Vietnamese Dong at the applicable exchange rate published by the State Bank of Vietnam on the relevant transaction date.
The draft circular contemplates that tax collection for individual investors may be conducted at the point of transfer through licensed digital asset exchanges acting as withholding agents, consistent with the securities transfer model.
Under this approach, exchanges would withhold and remit the 0.1% PIT on each transfer automatically, reducing the administrative burden on individual taxpayers. However, the mechanics of this withholding system have not been fully detailed in the draft as of February 2026 and remain subject to further consultation.
For corporate taxpayers, the 20% CIT on crypto transfer gains would be reported in the standard CIT return, with supporting documentation of acquisition cost, disposal proceeds, and transfer expenses. As licensed digital asset exchanges begin operating in Vietnam, the GDT is expected to use exchange-reported data to cross-check declared positions.
Vietnam has not announced specific plans to adopt CARF as of 2026, but the development of a formal exchange licensing regime and the broader trend toward international tax transparency suggest that reporting requirements will expand over the pilot period.
Records of all crypto transactions should be maintained for a minimum of five years.
Penalties
The penalty framework under Vietnam’s Law on Tax Administration applies to all categories of tax non-compliance, including failure to declare crypto income and underreporting of taxable amounts.
Administrative penalties for late filing range from VND 2 million to VND 25 million depending on the nature and duration of the failure. Underreporting of tax, whether from omission or incorrect calculation, attracts a penalty of 20% of the underpaid tax amount, plus interest at the statutory rate from the original due date.
For deliberate tax evasion, penalties of between one and three times the evaded tax amount may be imposed, and in serious cases criminal prosecution is possible under the Criminal Code. Interest accrues at 0.03% per day on unpaid tax from the date it falls due, which can accumulate significantly over time where large positions remain undisclosed.
Voluntary disclosure before the GDT initiates an audit or enforcement action is the most favourable approach. Vietnam’s tax administration framework allows for reduced penalties in cases of self-correction, and the introduction of a new licensed exchange infrastructure makes it increasingly likely that the GDT will have visibility into previously unreported crypto activity.
As the draft circular moves toward enactment, taxpayers with prior undeclared crypto activity should seek professional advice on the most appropriate course of action.
